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Mexico praised US President Donald Trump's action to initiate the renegotiation of the North America Free Trade Agreement (Nafta) with the formal declaration of the administration's intentions to the US legislature.
The action, carried out through the office of US trade representative Robert Lighthizer, starts the clock on a 90-day period of consultations with the public and legislators, making it possible for the formal renegotiation process to begin August 16.
President Donald Trump won’t immediately terminate U.S. participation in the North American Free Trade Agreement, the White House said, after he spoke with the leaders of Mexico and Canada about ways to renegotiate the accord.
“Both conversations were pleasant and productive. President Trump agreed not to terminate Nafta at this time and the leaders agreed to proceed swiftly, according to their required internal procedures, to enable the renegotiation of the Nafta trade deal to the benefit of all three countries,” the White House said in a statement late Wednesday. Mexico’s peso and Canada’s dollar jumped after the White House’s announcement.
Co-Production International (CPI) invites you to schedule a one-day industrial tour to Tijuana. With international trade and NAFTA in the headlines, more and more manufacturers are considering manufacturing in Mexico to remain competitive and increase profit margins. Over 1,000 foreign manufacturers are operating in Baja California and are showing no signs of slowing down despite the "Trump effect". It is more clear now than ever that manufacturing in Mexico will always be strong.
WASHINGTON — Far from the sweeping trade overhaul that Donald Trump promised on the campaign trail, his administration is considering a surprisingly modest revamp of the North American Free Trade Agreement, according to a draft letter provided to Congress.
The objectives outlined would bolster Trump’s emphasis on “Buy American,” including giving greater preferences for U.S. companies in government procurement.
But the draft includes none of the harsh, punitive measures or steep tariffs he once threatened against Mexico. Neither does it crack down on currency manipulation or weak labor regulations, things critics of free trade in particular have long sought.
The relatively minor changes to NAFTA would be a far cry from Trump’s campaign promise to dramatically reshape or withdraw from what he repeatedly called one of the worst deals ever negotiated by the U.S.
Manufacturing in Mexico is and will always be strong.
NAFTA has improved the economies of its three member nations, added millions of new jobs and created a successful and profitable atmosphere of cooperation. Since its inception in 1994, imports and exports have quadrupled, foreign direct investment grows in billions every year, and manufacturing has become a cooperative effort where products are built from multi-origin parts.
Businesses faced with global competitiveness have not only stayed in business, but have expanded capabilities and increased their profit margins, all while being able to hire more people and innovate in their industries like never before. While headlines continue to include words like “worry” and “uncertainty” in regards to President Trump’s position on NAFTA and trade with Mexico, the reality of free trade and the interwovenness of North America’s economies is a testament to the success of international trade.
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